In the wake of unemployment, medical bills and the overall downturn in the economy, many families have experienced the overwhelming burden of debt and foreclosure. As a result, at The Bach Law Firm, LLC, we have expanded our services in the area of bankruptcy law to help our clients eliminate debt, stop foreclosures, repossessions, and wage garnishments in Chapter 7, Chapter 13 and Chapter 11 bankruptcies.
This type of bankruptcy is known as a “fresh start” or a “liquidation” bankruptcy. The debtor is allowed to eliminate certain debts including credit cards, personal loans, business debts, leases, mortgage deficiencies, medical bills, judgments, and certain tax obligations. The debtor may keep exempt assets including but not limited to the debtor’s homestead, vehicle, household goods, business equipment and inventory, IRA and 401k, and pensions. All non-exempt assets must be turned over to the Chapter 7 trustee for liquidation and distribution to creditors. Some debts, including recent tax obligations, student loans, child support and alimony obligations generally cannot be discharged.
A Chapter 13 bankruptcy is known as a “wage earner ” or “reorganization” bankruptcy. This proceeding is available only to individuals with regular income. It requires that the debtor file a plan providing for payment of all disposable income to creditors over a period of up to five years. The benefits of a Chapter 13 bankruptcy include the ability to reinstate a home mortgage that is in default, strip a second or third mortgage, cram down certain secured debts, stop debtor collection efforts while payments are made, and the ability to retain non-exempt real estate and personal assets.
A Chapter 11 bankruptcy is typically thought of as a reorganization bankruptcy, similar to a Chapter 13 bankruptcy, but for businesses. However, more and more these days, we are seeing Chapter 11 bankruptcy cases are being filed by individuals who find themselves in certain circumstances. For example, many individuals do not meet the “means test” to file a Chapter 7 bankruptcy but have debts that exceed the limitations permitted in a Chapter 13 bankruptcy. For these individuals who have regular income, a Chapter 11 bankruptcy may be the only option.
Having a bankruptcy attorney on your side may help you learn how filing bankruptcy may specifically help you, what type of personal bankruptcy may make more sense to your situation and what you need to do if you decide to file bankruptcy. By simply visiting our website you’ve already taken a step in the right direction. Now, keep the momentum going. Contact us today for a free consultation with an experienced attorney who will discuss your options with you.
We also provide services involving corporate restructuring and insolvency matters, both out-of-court and within a chapter 11 bankruptcy context. Our clients include corporate debtor entities, their principals, secured creditors, including institutional lenders and their special purpose entities, and other parties-in-interest, including unsecured creditor and equity committees and parties interested in acquiring assets free and clear of all liens, interests and encumbrances under section 363 of the bankruptcy code.
Additionally, we act as local counsel to regional and national out-of-state firms whose clients are in need of services in chapter 11 bankruptcy cases and provide insightful guidance to assist our clients in successfully navigating the many local rules of procedure and customs of practice of the federal district and bankruptcy courts located in Nevada.
Anne Loraditch recently joined our firm after nearly 10 years of practicing exclusively in this area of law with regional and national law firms and under the tutelage of nationally recognized leaders in the field. Our clients benefit from Anne’s big law training and experience while enjoying the personal attention and affordability of a smaller boutique firm.
Contact Anne today for a consultation about the services we can provide you with respect to corporate restructuring and insolvency.
* We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.